• Real Estate Deal of the Day July 04, 2019

    Real Estate Deal of the Day July 04, 2019

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    Update: This property just sold since the recording was made.

    MLS Deal Property

    5211 Summerhill Manor Lane, Katy, Texas 77494

    List Price: $199,000
    Bed/Bath/Pool/Stories: 5/3.1/0/2

    MLS Deal Finder Estimated Value:                          $536,518
    MLS Deal Finder Estimated Discount:                      $337,518
    MLS Deal Finder Estimated Discount%:                   62.91%

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    Real Estate Deal of the Day July 04, 2019

    [Video Transcription]

    This is Real Estate IQ’s Deal of the Day. And today we have found a fabulous deal for you, in the Houston market.

    Hello everyone. Happy Fourth of July. Today's Houston Deal of the Day is not for the faint of heart. It is a high-end flip in Katy. And the remarks, say the property is 199,000 with Lenders Approval. Property is distressed and priced as is. Has major damage and needs substantial repairs, including foundation, structural damage, new Roof, total new air conditioning system needed. All new flooring, appliances, etc. See photos. It's comping at about 536. So if we look at the investment summary here, they're asking 199 at 536, that's 337,000 to do your repairs, pay your costs, and get your profit. So even if you end up putting 100,000 to rehab, there's still 237,000 left for holding costs and profit. So I think it could be, could be a potential deal. So let's take a little closer look at the photos here. 

    There it is. Nice back patio area, all-brick house. So it's like somebody started to tear up the flooring and had a good time with the sledgehammer on the tile. No flooring in that room, it looks like. That one looks alright. Definitely, that flooring is gonna remove there. They're probably flooded, I would guess, especially since it's in Cinco Ranch. There's a chance. There's where you can see evidence of the structural damage with the cracks in the ceiling. Looks like that must be cracked there. And so when your house starts to crack, just tape it together, why not? There's the outside. It's like an issue here with the garage door perhaps. Cupboards don't look bad, it's got granite countertops. So you may not have to do too much to that kitchen. Sorry to say, that's the only picture of it that there is. 

    Let's look at some of the comps. There's this one, also brick with very high ceilings. That one's got some, looks like hardwood flooring. The kitchen doesn't look too much different from ours. Here's the next one that was chosen as a comp although that's a 2-story. So we want to take some of these 2 stories out but I don't think it'll make a big difference in the price from looking at the comps. Now there's the other 2. That one got a nice pool. Bigger, grand entry. And then we got this one. So you can see that you definitely would have to do a high-end rehab in this area to make it so as well as those others. So let's go back. 

    Here's the map. So here's 99 Grand Parkway, Cinco Ranch Boulevard. So it looks like it's west of Grand Parkway and just off of Fry if you know that area. Not sure if that area flooded or not, actually. Let's go back to the list of the comps. So this, our property is listed at 46 a square foot. This one went for 118. Just talks about everything it's got. This one went for 119 a square foot sold 42 days ago after 14 days on the market. This one, 111 square foot, 87 days ago, 3 months ago, after only 2 days on the market. That one's in Seven Meadows. That's a different subdivision and might want to take that one out because it's a different subdivision. Let's see what happens when we do that. 

    That actually raises the price up to 544. Some other comps here that were more than 6 months ago, the computer did not choose this one. Oh, it's in Seven Meadows, different subdivision. Let's keep looking through, here's some more Cinco Ranch West, in the same subdivision. This may or may not be, hard to tell. Those are those last two, it seems. Nicer, 132 a square foot, 126 after 5 and 9 days on the market. So these houses are going fast, 10 days on the market, 7 days on the market. 

    So that's always a plus when you're looking at doing a flip. So as always, make sure you do your own due diligence. But thanks for listening. Happy investing and enjoy your Fourth of July. 

    If you want to learn how to analyze deals just like us. Make sure you check out this webinar on how to run comps. The link is below. We'll also introduce to you this new tool called Fast CMA which is a high-end professional comps tool that allows you to pull comps and analyze comps just like the experts. Make sure you check it out.

     

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